Portolan Capital Management LLC Acquires Shares of 630,964 Planet Labs PBC $PL

Portolan Capital Management LLC acquired a new stake in shares of Planet Labs PBC (NYSE:PL) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 630,964 shares of the company’s stock, valued at approximately $8,190,000. Portolan Capital Management LLC owned 0.20% of Planet Labs PBC as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. New York State Common Retirement Fund raised its holdings in Planet Labs PBC by 45.3% during the 3rd quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock valued at $2,627,000 after buying an additional 63,088 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Planet Labs PBC in the 2nd quarter worth $1,947,000. Oppenheimer & Co. Inc. increased its position in shares of Planet Labs PBC by 74.1% in the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock valued at $25,988,000 after acquiring an additional 851,937 shares during the period. Ranger Investment Management L.P. purchased a new position in shares of Planet Labs PBC in the third quarter valued at about $2,688,000. Finally, Rice Hall James & Associates LLC bought a new position in shares of Planet Labs PBC during the third quarter valued at about $4,392,000. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Trading Down 0.7%

NYSE:PL opened at $24.79 on Friday. The company has a 50-day moving average price of $24.64 and a 200-day moving average price of $17.13. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $30.90. The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of -59.02 and a beta of 1.95.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Wednesday, December 10th. The company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.02. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The firm had revenue of $81.25 million for the quarter, compared to analyst estimates of $72.02 million. During the same quarter in the previous year, the firm posted ($0.02) EPS. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. Equities analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PL shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a report on Thursday, January 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Needham & Company LLC increased their price objective on Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. National Bank Financial set a $12.30 price objective on Planet Labs PBC in a research report on Tuesday, December 16th. Finally, Morgan Stanley boosted their target price on Planet Labs PBC from $20.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 13th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Planet Labs PBC presently has an average rating of “Hold” and an average target price of $21.88.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 150,731 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the transaction, the chief financial officer owned 1,956,101 shares in the company, valued at approximately $52,834,288.01. This represents a 7.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kristen Robinson sold 47,835 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total value of $1,289,631.60. Following the completion of the transaction, the director directly owned 222,897 shares of the company’s stock, valued at $6,009,303.12. This represents a 17.67% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 292,348 shares of company stock valued at $7,323,958. Insiders own 17.53% of the company’s stock.

Planet Labs PBC Company Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.